Compliance Updates
Bulgarian Prosecutors Raid Offices of Gambling Commission
Bulgarian prosecutors have raided the offices of Gambling Commission and detained its head Alexander Georgiev for questioning.
This was the second time prosecutors raided the commission in the space of two weeks. A total of 18 employees of the commission were also taken in for questioning, but it was not clear if any of them were detained.
Separately, prosecutors raided the Sofia offices of Nove Holding, the company owned by controversial Bulgarian businessman Vassil Bozhkov. Nove Holding has diversified interests and owns several of Bulgaria’s largest bookmakers and lottery operators.
After the raid, prosecutors said that Bozhkov was facing seven separate charges, but gave no further details. Prosecutor-General Ivan Geshev said that Bozhkov was not in Bulgaria and would be the subject of a European arrest warrant.
Bozhkov gave several media interviews, saying that no one got in touch with him and was not aware of any charges against him. He said that he was prepared to present himself if subpoenaed.
Compliance Updates
Internet Vikings Ready to Support Missouri Sports Betting Market
Internet Vikings, a licensed in-state hosting provider for iGaming and online sports betting, announces today that, with the voters of Missouri approving Amendment 2, they are prepared to offer their range of hosting solutions to operators and suppliers entering this newly regulating market.
Leveraging an established presence in 24 U.S. States, Internet Vikings is set to offer Missouri tailored, competitively priced hosting solutions.
“With the state officially opening its doors to sports betting, we are ready to provide the secure infrastructure needed to enter this market confidently,” said Rickard Vikström, Founder and CEO of Internet Vikings. “Our team is prepared to act swiftly to support companies seeking a fast, compliant launch.”
To meet the requirements of businesses moving into Missouri’s sports betting space, Internet Vikings’ range of solutions streamlines the setup process. The company’s infrastructure supports performance, flexibility with their new Pay-As-You-Go Cloud bursting, and compliance, ensuring a reliable foundation for those looking to establish a strong foothold in the state.
“The entire Internet Vikings team is committed to giving operators and suppliers the best possible start, backed by our infrastructure and around-the-clock NOC support,” Vikström added.
With over 16 years of experience, Internet Vikings brings their expertise to Missouri and invites both new and established sports betting businesses to connect and explore tailored solutions designed for this new market.
Compliance Updates
Dutch Regulator Reprimands Operators Over Sponsorship Violations
The Dutch gambling authority, Kansspelautoriteit (KSA) has reprimanded three providers for incidents involving sponsorship. Since 1 July 2024, there have been new rules regarding sponsorship. This means that sponsoring television programmes and events is no longer permitted. Until 1 July 2025, only sports sponsorship is permitted, after that it will no longer be permitted.
In sports sponsorship, providers may not target vulnerable groups, including minors and young adults. It is the responsibility of the gambling provider to adhere to these rules at all times, even if third parties are involved in the sponsorship. The Ksa saw this go wrong several times.
Incidents
One provider had a sponsorship contract with an organiser of a national event in the past. Despite the fact that this agreement had expired, the organisation continued to use the promotional materials that contained the provider’s name, while this was no longer allowed after July 1. After the warning from the KSA, the provider immediately had its logo removed from the promotional materials.
A second provider also went wrong in agreements with a third party. The provider sponsored a major sporting event. In the run-up to the tournament, children and young adults played sports at the location. As a result, the provider’s advertising expressions were also visible outside the sporting events, and moreover by a vulnerable target group. The KSA emphasised again that the provider itself is responsible for the sponsorship expressions and their visibility and should therefore have been alert to the fact that these were also visible outside the tournament.
The third provider had an issue in a sports webshop: T-shirts of a famous athlete were sold there with the provider’s logo on them, as shirt sponsor. These shirts were also available in children’s sizes, which meant the advertising was aimed at a vulnerable target group, which is not permitted. The provider took immediate action to ensure that the children’s sizes no longer carried the provider’s logo.
In these three cases, the KSA has once again explained the rules regarding sponsoring to the providers. In the event of a subsequent violation, the KSA may take enforcement action. It is up to the provider to make clear agreements with external parties. This includes the use of sponsor materials, the time at which sponsor messages are shown and the way in which they are distributed. In addition, it is also up to the provider to ensure that external parties adhere to these agreements.
The post Dutch Regulator Reprimands Operators Over Sponsorship Violations appeared first on European Gaming Industry News.
Compliance Updates
FDJ: Conclusion of the European Commission’s investigation
FDJ takes note of the European Commission’s decision concluding that no State aid was granted to FDJ during its privatisation and that the equalisation payment should be re-evaluated from €380 million to €477 million, i.e. an additional sum of €97 million.
This decision concludes the formal investigation that the European Commission opened on 26 July 2021 to determine whether the €380 million sum that FDJ paid to secure its exclusive rights to operate point-of-sale sports betting and the lottery for a 25-year term, was appropriate.
FDJ welcomes the closure of this investigation and the European Commission’s confirmation, in line with the French Conseil d’Etat’s decision of 14 April 2023, that the legal framework adopted when the Group was privatised was robust.
FDJ has also taken note of the additional equalisation amount, valued by the European Commission at €97 million. The equalisation payment re-evaluated at €477 million is within the range initially established by the French Commission des participations et des transferts in its opinion no. 2019-A.C.-1 of 7 October 2019.
Impact on net profit and on the calculation of the dividend per share
This additional equalisation payment is recognised as an intangible asset – “exclusive operating rights”, in the same way as the initial amount of €380 million. As such, it will be amortised over 25 years starting on 23 May 2019, which is the effective date of the Pacte Law no. 2019-486.
FDJ Group announces that it will base its future dividend payments, beginning with those relating to its results for the 2024 financial year, on the adjusted net profit.
This adjusted net profit reflects FDJ’s actual economic performance and allows the Group to monitor and compare its performance against its competitors. It is based on the consolidated net profit restated for the following items:
- In 2024:
- the additional amortisation over the 2019-2023 period recognised under exclusive rights in France amounting to €17.9 million.
- The non-cash impact of the currency hedge relating to the acquisition of Kindred Group, which is recognised under financial result.
- Depreciation and amortisation of intangible and tangible assets recognised or revalued when allocating the purchase price of business combinations.
- And changes in tax resulting from these items.
Note that total amortisation of exclusive operating rights will amount to €37.0 million in 2024 and €19.1 million in 2025 after €15.2 million in 2023.
FDJ Group recalls that since 10 May and the French Court of Cassation’s ruling in favour of the FDJ Group in its dispute with Soficoma, which enabled it to cancel 3% of its share capital, the Group’s share capital now stands at 185,270,000 shares.
The post FDJ: Conclusion of the European Commission’s investigation appeared first on European Gaming Industry News.
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